Shareholders have voted against Saba Capital Management’s proposed changes at each of the six general meetings that have been held at affected investment trusts so far.

Saba had requisitioned general meetings at seven investment trusts and proposed alterations to their boards.

At the six general meetings that have been held so far, shareholders have voted against Saba’s proposals, which would have seen the current independent boards replaced with just two new directors, followed by a replacement of the investment manager and a new investment mandate.

The final vote, for The Edinburgh Worldwide investment trust, is due to be held on 14 February, with platform voting deadlines closing on 10 and 11 February, depending on the platform.

The six investment trusts that shareholders voted against the proposals were: Baillie Gifford US Growth, Keystone Positive Change, Henderson Opportunities Trust, CQS Natural Resources Growth & Income, Herald Investment Trust, and The European Smaller Companies Trust.

Commenting after the most recent vote, Association of Investment Companies chief executive, Richard Stone, said: “With six out of seven votes completed, it’s clear that shareholders value investment trusts’ long-term approach to investing and the independent oversight provided by boards of directors.

“Of course, it’s not over yet. The Edinburgh Worldwide vote is on Valentine’s Day and shareholders need to act now to be sure of meeting platform deadlines.”

Interactive Investor funds and investment education editor, Kyle Caldwell, added: “There were fears among the investment trust industry that retail investors would not stand up and be counted.

“However, our customers have debunked those concerns and have shown up in high numbers to cast their votes.

“For the six investment trusts that have voted against Saba’s proposals, between 69 per cent and 76 per cent of shares were voted across the Interactive Investor platform.

“This shows that when shareholders are being asked to vote on a big issue – they turn up in big numbers.

“If successful, Saba’s longer-term plan was to potentially merge some of the trusts to form a new strategy of purchasing other discounted trusts.”

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